Looking at the XAUUSD chart, I’m finding it quite fascinating.
Here’s the situation: XAUUSD is moving within an upward parallel channel, respecting the market structure perfectly, and we’re starting to see early signs of renewed buying interest right after a strong rejection from the support zone.
Currently, price is trading near a key resistance zone, and this is where the market gets interesting. At this resistance zone, there's a high likelihood of a short-term correction within the price channel. If price holds within the channel, the uptrend could continue, and the upper channel boundary might even be broken, extending the upward momentum further.
I’m targeting the upper boundary of the channel, and given the market context, this is entirely possible.
Keep in mind that, in a channel like this, trading with the trend is generally more favorable than fighting against it. Until the channel is broken, the bulls are still in control.
Do you agree? Feel free to share your thoughts in the comments below!
Here’s the situation: XAUUSD is moving within an upward parallel channel, respecting the market structure perfectly, and we’re starting to see early signs of renewed buying interest right after a strong rejection from the support zone.
Currently, price is trading near a key resistance zone, and this is where the market gets interesting. At this resistance zone, there's a high likelihood of a short-term correction within the price channel. If price holds within the channel, the uptrend could continue, and the upper channel boundary might even be broken, extending the upward momentum further.
I’m targeting the upper boundary of the channel, and given the market context, this is entirely possible.
Keep in mind that, in a channel like this, trading with the trend is generally more favorable than fighting against it. Until the channel is broken, the bulls are still in control.
Do you agree? Feel free to share your thoughts in the comments below!
Trade active
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.